BridgeBio Pharma (NASDAQ:BBIO) Price Target Raised to $106.00

BridgeBio Pharma (NASDAQ:BBIO) had its price objective increased by Canaccord Genuity Group from $104.00 to $106.00 in a research note published on Wednesday morning,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

Other equities research analysts also recently issued research reports about the stock. HC Wainwright lifted their price target on shares of BridgeBio Pharma from $110.00 to $120.00 and gave the stock a “buy” rating in a research note on Monday, July 13th. TD Cowen increased their target price on BridgeBio Pharma from $95.00 to $110.00 and gave the stock a “buy” rating in a report on Tuesday. Mizuho lowered their price target on BridgeBio Pharma from $106.00 to $96.00 and set an “outperform” rating for the company in a report on Tuesday, June 16th. Truist Financial upped their price target on BridgeBio Pharma from $95.00 to $102.00 and gave the company a “buy” rating in a research report on Wednesday, April 29th. Finally, Wells Fargo & Company boosted their target price on shares of BridgeBio Pharma from $98.00 to $102.00 and gave the company an “overweight” rating in a research note on Tuesday. Twenty equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, BridgeBio Pharma currently has an average rating of “Moderate Buy” and a consensus price target of $100.79.

BridgeBio Pharma Price Performance

Shares of BBIO stock opened at $79.86 on Wednesday. The firm’s 50-day simple moving average is $77.36 and its 200-day simple moving average is $73.17. BridgeBio Pharma has a 1-year low of $46.81 and a 1-year high of $93.42. The firm has a market cap of $15.61 billion, a P/E ratio of -22.37 and a beta of 0.96.

BridgeBio Pharma (NASDAQ:BBIO) last announced its quarterly earnings results on Monday, August 10th. The company reported ($0.78) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.58) by ($0.20). The business had revenue of $243.68 million for the quarter, compared to analysts’ expectations of $220.91 million. During the same quarter last year, the business posted ($0.95) earnings per share. The firm’s quarterly revenue was up 120.4% compared to the same quarter last year. Analysts expect that BridgeBio Pharma will post -2.6 earnings per share for the current fiscal year.

Insider Transactions at BridgeBio Pharma

In other news, Director Andrea Ellis sold 17,167 shares of the business’s stock in a transaction on Thursday, July 9th. The shares were sold at an average price of $84.00, for a total value of $1,442,028.00. Following the completion of the sale, the director directly owned 22,579 shares in the company, valued at approximately $1,896,636. The trade was a 43.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Neil Kumar sold 40,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $67.46, for a total value of $2,698,400.00. Following the completion of the sale, the chief executive officer owned 535,686 shares of the company’s stock, valued at $36,137,377.56. This represents a 6.95% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 382,117 shares of company stock worth $29,263,200. 14.23% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On BridgeBio Pharma

A number of hedge funds and other institutional investors have recently made changes to their positions in BBIO. Jones Financial Companies Lllp bought a new position in shares of BridgeBio Pharma during the first quarter worth about $35,000. First Trust Advisors LP grew its position in BridgeBio Pharma by 200.4% during the second quarter. First Trust Advisors LP now owns 263,693 shares of the company’s stock worth $11,386,000 after buying an additional 175,918 shares in the last quarter. Baird Financial Group Inc. increased its position in shares of BridgeBio Pharma by 1.8% in the second quarter. Baird Financial Group Inc. now owns 42,057 shares of the company’s stock worth $1,816,000 after purchasing an additional 731 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main bought a new position in shares of BridgeBio Pharma in the second quarter worth about $1,650,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of BridgeBio Pharma by 2.4% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 95,326 shares of the company’s stock worth $4,132,000 after purchasing an additional 2,206 shares during the period. 99.85% of the stock is owned by institutional investors.

BridgeBio Pharma News Roundup

Here are the key news stories impacting BridgeBio Pharma this week:

• Positive Sentiment: BridgeBio priced the oversubscribed sale of 5 million shares by KKR Genetic Disorder L.P. The company said the offering should diversify its institutional shareholder base and support greater long-term ownership. BridgeBio Pharma Announces Pricing of Oversubscribed Secondary Offering
• Positive Sentiment: Analyst sentiment remains broadly constructive. Truist raised its price target to $107, while TD Cowen lifted its target to $110; Canaccord Genuity, JPMorgan, Wells Fargo and Piper Sandler analysts also reportedly expect further appreciation. Truist Raises BridgeBio Price Target TD Cowen Raises BridgeBio Price Target
• Neutral Sentiment: KKR reportedly allocated nearly 60% of the offering to five firms, suggesting meaningful institutional demand and potentially reducing uncertainty around the resale. KKR Assigned BridgeBio Stock Sale to Five Firms
• Negative Sentiment: The 5 million-share secondary offering creates a near-term supply overhang, particularly because the company will not benefit financially from the sale. KKR’s decision to sell may also prompt investor concerns about shareholder support, even though the offering is not a new issuance by BridgeBio. BridgeBio Launches Secondary Offering
• Negative Sentiment: Morgan Stanley issued a pessimistic forecast, providing a counterweight to the otherwise favorable analyst commentary. Morgan Stanley BridgeBio Forecast

About BridgeBio Pharma

BridgeBio Pharma, Inc is a clinical-stage biopharmaceutical company headquartered in Palo Alto, California. Founded in 2015 by Neil Kumar, the company is dedicated to discovering, developing and delivering transformative medicines for patients with genetic diseases and cancers. BridgeBio operates an integrated model that spans target identification, preclinical research, clinical development and commercialization, aiming to streamline the process from bench to bedside.

BridgeBio’s pipeline comprises multiple therapeutic modalities, including small molecules, biologics and genetic therapies.